When you sell your home, you want to sell it for the highest price possible. This might be why a majority of homeowners are eager to list in today’s seller’s market. With inventory at record lows and high buyer demand, many homes are selling for above asking price. Data from the National Association of REALTORS® (NAR) shows 46% of homes are selling above list price today.
But even in a market as we have now, working with an agent to set the right asking price is critical, as pricing it too high or too low could hurt your final sale. Here’s why.
Pricing Your House Right Is Crucial Even in a Seller’s Market
The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. Not to mention, you could leave money on the table, which decreases your future buying power if you undervalue your house.
On the other hand, the price is too high and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
In other words, think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see a bidding war, too. And when a bidding war happens, you’ll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.
Lean on a Professional’s Expertise To Price Your House Right
Several factors go into pricing your house and balancing them is the key. That’s why it’s important to lean on an expert real estate advisor when you’re ready to move. Every advisor here at Corken + Company is knowledgeable about:
The value of homes in your neighborhood
The current demand for houses in today’s market
The condition of your house and how it affects the value
A trusted professional from our team will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.
Learn more about pricing your home correctly at: